Cherokee Insurance Co Makes New Investment in AutoZone, Inc. $AZO

Cherokee Insurance Co purchased a new stake in AutoZone, Inc. (NYSE:AZO) in the second quarter, according to its most recent filing with the SEC. The fund purchased 1,200 shares of the company’s stock, valued at approximately $4,455,000. AutoZone comprises 1.9% of Cherokee Insurance Co’s portfolio, making the stock its 16th biggest position.

A number of other institutional investors have also made changes to their positions in AZO. AlphaCore Capital LLC bought a new position in AutoZone during the first quarter worth $27,000. Saudi Central Bank bought a new stake in AutoZone during the first quarter valued at $27,000. Aspect Partners LLC raised its holdings in shares of AutoZone by 700.0% during the second quarter. Aspect Partners LLC now owns 8 shares of the company’s stock worth $30,000 after purchasing an additional 7 shares during the period. Bank of Jackson Hole Trust acquired a new stake in shares of AutoZone during the second quarter worth $33,000. Finally, NewSquare Capital LLC lifted its position in shares of AutoZone by 50.0% in the 2nd quarter. NewSquare Capital LLC now owns 9 shares of the company’s stock worth $33,000 after buying an additional 3 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors.

Insider Activity

In other AutoZone news, VP John Scott Murphy sold 2,860 shares of the firm’s stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $4,175.70, for a total transaction of $11,942,502.00. Following the transaction, the vice president owned 1,244 shares of the company’s stock, valued at approximately $5,194,570.80. This trade represents a 69.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Philip B. Daniele sold 2,533 shares of the business’s stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $4,020.88, for a total transaction of $10,184,889.04. Following the sale, the chief executive officer owned 55 shares in the company, valued at $221,148.40. This trade represents a 97.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 5,693 shares of company stock valued at $23,259,891. Company insiders own 2.60% of the company’s stock.

AutoZone Trading Up 1.0%

AZO opened at $3,791.94 on Thursday. The business’s 50 day moving average is $4,026.36 and its 200-day moving average is $3,887.96. The stock has a market cap of $63.07 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 1.75 and a beta of 0.37. AutoZone, Inc. has a twelve month low of $3,036.40 and a twelve month high of $4,388.11.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, September 23rd. The company reported $48.71 EPS for the quarter, missing the consensus estimate of $50.52 by ($1.81). The business had revenue of $6.24 billion during the quarter, compared to analyst estimates of $6.26 billion. AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The firm’s revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $51.58 earnings per share. As a group, analysts forecast that AutoZone, Inc. will post 152.94 EPS for the current year.

AutoZone declared that its board has approved a share buyback plan on Wednesday, October 8th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

AZO has been the subject of a number of recent research reports. BMO Capital Markets boosted their price objective on shares of AutoZone from $4,100.00 to $4,600.00 and gave the company an “outperform” rating in a research report on Thursday, September 25th. Guggenheim lifted their target price on AutoZone from $4,100.00 to $4,600.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Jefferies Financial Group upped their target price on AutoZone from $4,255.00 to $4,750.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Citigroup dropped their price target on AutoZone from $4,900.00 to $4,775.00 and set a “buy” rating on the stock in a research report on Wednesday, September 24th. Finally, Wolfe Research began coverage on AutoZone in a research report on Thursday, September 18th. They set an “outperform” rating and a $4,741.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $4,544.68.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.